Article 1 General Provisions

This article is comprised of the following sections:
  • §38.2-3100 Scope of chapter
  • §38.2-3100.1 Forms of insurance authorized
  • §38.2-3100.2 Funding agreements
  • §38.2-3100.3 Requirements of life insurance or annuity contracts used to fund preneed funeral contracts
  • §38.2-3101 Legal reserve insurers
  • §38.2-3102 Domestic insurers prohibited from insuring lives and persons of residents of “reciprocal states.”
  • §38.2-3103 Fraudulent procurement of policy; penalty
  • §38.2-3104 No policy to be issued purporting to take effect more than six months before application made; conversion permitted
  • §38.2-3105 What contracts with respect to life insurance may be made by minors
  • §38.2-3106 Suicide and execution not grounds of defense; exception
  • §38.2-3107 Incontestability of certain policies
  • §38.2-3108 Misstatement of age
  • §38.2-3109 Contestability of reinstated policy
  • §38.2-3110 Incontestability not applicable to excluded or restricted coverage
  • §38.2-3111 Assignment of life insurance policies
  • §38.2-3111.1 Annuity contract purchased to fund retirement benefits; transfer subject to Commission approval
  • §38.2-3112 Designation of testamentary trustee as beneficiary
  • §38.2-3113 Variable life insurance and variable annuities; separate accounts to be established; authority to issue; reports; special voting rights and procedures for owners
  • §38.2-3113.1 Modified guaranteed life insurance and modified guaranteed annuities; separate accounts; authority to issue; statements required; regulations to be issued; approval expenses
  • §38.2-3113.2 Qualified charitable gift annuities; issuance not business of insurance; disclosures to donors; unfair trade practices provisions not applicable
  • §38.2-3113.3 Educational loan provisions in life insurance policies
  • §38.2-3114 Statements required in variable life insurance and variable annuity contracts and certificates issued pursuant to group variable life insurance and group variable annuity contracts
  • §38.2-3115 Interest on life insurance and annuity contract proceeds
  • §38.2-3115.1 Accelerated payment of benefits
  • §38.2-3116 Commission to establish standards for simplified and readable life insurance and annuity policies
  • §38.2-3117 Standards for certain policies; prohibited policies
  • §38.2-3117.01 Provision of life insurance information upon notification of insured’s death